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Luokung Technology Corp (NASDAQ: LKCO) is a leading provider of mobile services and technology, specifically catering to the long-distance travel and railway Wi-Fi market in China. The company's primary product, the Luokuang platform, is a Location-based Service (LBS) social content and service distribution platform. It is designed to offer personalized and precise services to long-distance travelers, enhancing their travel experience both on the train and at their destination.
Luokung's offerings include a wide range of entertainment services such as video and audio streaming, digital reading material, games, and social services. These services aim to keep travelers engaged and entertained throughout their journey.
Recently, Luokung has focused on spatial-temporal intelligent big data services and the provision of high-definition maps (HD Maps) in China. This enables the company to support interactive LBS, providing users with real-time location data and mapping services.
However, on May 2, 2024, Luokung received a notice from NASDAQ indicating non-compliance with the requirements for continued listing due to the delayed filing of its annual report on Form 20-F for the year ended December 31, 2023. Despite this setback, Luokung remains committed to resolving this issue and continuing its provision of innovative services.
With its cutting-edge solutions and focus on enhancing the traveler experience, Luokung Technology Corp aims to play a significant role in China's travel and technology sectors.
Luokung Technology Corp. (LKCO) reported record revenue of approximately $62.8 million for the six months ended June 30, 2022, a 66.0% increase from $37.8 million in the prior year. Advertising services led this growth, generating $57.3 million, up 81.2%. Smart transportation revenue also saw a significant rise of 121.6% to $4.0 million. However, revenue from remote sensing and GIS data management services decreased to $1.5 million. Management remains optimistic about future growth driven by technology investments and expanding market opportunities in carbon neutrality.
Luokung Technology Corp. (NASDAQ: LKCO) announced that its affiliate, eMapgo Technologies, has been approved by China's Ministry of Transportation as the first service provider for intelligent transportation pilot projects. This recognition allows them to set technical guidelines for V2X autonomous trucking on open highways, with commercial implementation expected soon. Led by Shandong Hi-Speed Group, this initiative aims to enhance logistics efficiency and reduce costs through advanced autonomous driving technologies. Luokung's President regards this as a validation of their technological advancements.
Luokung Technology Corp. (NASDAQ: LKCO) announced that its digital twin visualized highway management platform has passed inspection for a pilot project on the Shanghai-Wuhan Expressway. The platform is recognized as internationally advanced, enhancing highway safety management and driving conditions. During the pilot, it achieved 100% accuracy in forecast and monitoring. Experts from the Chinese Academy of Engineering reviewed the platform, noting its innovative combination of meteorological and AI technologies to improve traffic safety during severe weather.
Luokung Technology Corp. (NASDAQ: LKCO) has closed a registered direct offering of 26,666,667 ordinary shares and warrants at a combined price of $0.30, raising approximately $8 million in gross proceeds. The exercise price for the warrants is $0.41 per share, expiring in five years. Funds will be utilized for working capital and general corporate purposes. The offering was registered under an effective shelf registration statement with the SEC.
Luokung Technology Corp. (NASDAQ: LKCO) announced a registered direct offering of $8 million of ordinary shares at $0.30 per share. A total of 26,666,666 shares will be issued, accompanied by warrants allowing the purchase of an equal number of shares at $0.41 each. The offering is expected to close by July 28, 2022. Proceeds will be utilized for working capital and general corporate purposes. FT Global Capital acted as the exclusive placement agent for this offering.
Luokung Technology Corp. (NASDAQ: LKCO) has signed an agreement with the Jiujiang District government in Anhui Province for an autonomous driving project involving vehicles and ships. This project marks Luokung's entry into the intelligent shipping and land transportation market. The initiative is backed by significant government funding and focuses on the development of autonomous driving and assistance systems. The company aims to create a Digital Twin model, leveraging the region's strategic transportation hub status. CEO Xuesong Song emphasizes the long-term cooperation with local authorities and the project's potential for national expansion.
Luokung Technology Corp. (NASDAQ: LKCO) received a 180-day extension from Nasdaq to meet its minimum bid price requirement of $1.00 per share. This extension, granted on July 6, 2022, allows the company until January 2, 2023 to maintain the required share price for a minimum of 10 consecutive trading days to regain compliance. Failure to meet this requirement could result in delisting. The company had previously been notified of non-compliance on January 3, 2022, and was initially given until July 5, 2022 to rectify the issue.
Luokung Technology Corp. (NASDAQ: LKCO) announced that its operating affiliate, eMapGo Technology, has signed an agreement to continue providing autonomous driving data services for Zenseact, a subsidiary of Volvo Cars. This follows the successful completion of a Phase I project in September 2021. eMapGo is a leader in HD Maps and autonomous driving services in China, having established various standards for the industry. The CEO emphasized the potential for business expansion through this agreement.
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